The latest blockchain info has come from China wherein a new set of rules have been defined for the regulation of blockchain usage. As per the latest development, the Chinese users will have to register themselves with their actual name and identity before using blockchain based online information services. The first sets of rules are defined especially targeting the technology that underlies cryptocurrency which is quite popular for keeping the identity anonymous. Distributed ledger technology is picking up rapidly in the Chinese market and hence there is enhanced monitoring of the trade as well.
The new proposed rules cover companies, firms, and entities that are operating in the Chinese market facilitating blockchain powered information system. All these have to mandatorily follow this protocol and registers users real names and national identification card numbers which will permit the authorities to keep a check on the sensitive private data. All this has to be in within duration of 10 days of beginning the service. The agency is also said to review the data on a yearly basis.
Details About CAC And Draft Regulations
The blockchain info on draft regulations was published by the Cyberspace Administration of China (CAC) last week for public consultation. It will remain available there until November 2; however, it is still not clear as when these rules will come into effect in the upcoming days as mentioned by South China Morning Post.
As per CAC the blockchain information service providers as being called as entities or nodes which offer services to institutions and individuals through websites or mobile apps. There are 23 various articles stated in the suggested draft. However, there is still no clear outline defined for the types of blockchain startups that need to follow this protocol. Some of the blockchain info experts believe that this rule is going to make an impact on certain blockchain network supernodes. (Via CoinDesk)[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]